Two Washington-area credit unions, FDIC FCU and NSF FCU, formally merged over the weekend to form Partnership FCU.
The new entity, with $105 million in assets, 11,000 members and four branches, has been in the talking stages since 2007 and represents "a new direction, a new business model for the small, single-sponsor credit union," particularly for government-linked CUs in the metro D.C. area, said Theresa Mann, president/CEO.
Mann stressed that today's economic environment makes it "harder and more complex" for single sponsor CUs to grow without achieving back-office economies.
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